The Germany winger has put the Gunners on red alert after revealing he wants to quit Wolfsburg.

But the Bundesliga outfit are believed to want more than £50m - if they are forced to sell - for a player who caught the eye at the Euros and who is just 12 months into a five-year deal.

It means Wenger will have to shatter the club record £42.5m paid to Real Madrid for fellow German Mesut Ozil in 2013.

But Draxler, 22, has made his mind up that his future lies away from Wolfsburg.

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“It was always clear to everybody that I would like to join a top club in Europe, if I were to get the chance”

Julian Draxler

He said: “I made it clear to coach Dieter Hecking after we were knocked out of Euro 2016 that I would like to leave Wolfsburg.

“The coach has known about this for three weeks. When I joined, I was assured - verbally - that I could leave the club whenever the opportunity arose.

“Both Hecking and Klaus Allofs (sporting director) said this. It was clear that Wolfsburg had good prospects, but also that they were a springboard for me.

“It was always clear to everybody that I would like to join a top club in Europe, if I were to get the chance.”

But Wolfsburg hit back almost immediately and denied the the existence of 'any written or verbal agreement made at any time regarding a transfer of Julian Draxler within the current transfer period up to August 31, 2016.'

A club statement said: “This is confirmed by a release clause stipulated with Julian Draxler and his management which only comes into force in the summer of 2017.

“Wolfsburg will not transfer Julian Draxler during the current transfer period.

“Wolfsburg have explained to Julian Draxler once again in a talk that his desire to leave the club cannot be accommodated."

Wenger is under increasing pressure to open his chequebook before the start of the new season.

There is growing unrest among fans over his failure to bolster his attacking options so far this summer after being snubbed by Leicester’s Jamie Vardy.

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STAR MAN: Will Draxler join Arsenal?

Arsenal have spent £35m on midfielder Granit Xhaka and £2.5m on rookie defender Rob Holding - while their title rivals continue to splash the cash.

Now with giant defender Per Mertesacker crocked for five months, Wenger’s current priority appears to be signing a new centre-half.

Valencia’s £20m-rated Shkodran Mustafi is among the chief targets.

Mustafi did not start for the Spanish side in their friendly against Bournemouth last night.